So basically, what we have on this Cyber Monday is the Trump Administration forcibly attempting to take control of a controversial regulatory agency in order to declaw it while knocking its teeth out with the human ball-peen hammer that is Mick Mulvaney, and then getting sued by the person who might be supposed to be running it due to bylaws or whatnot. "We intend to execute the laws of the United States, including the provisions of Dodd-Frank that govern the CFPB", Mulvaney, a fierce critic of the agency, said at a news conference.
White House Office of Management and Budget Director Mick Mulvaney speaks about of U.S. President Donald Trump's budget in the briefing room of the White House in Washington, U.S., March 16, 2017. "I think the legal outline shows very clearly who is in charge of that agency". "But thanks to this idiot, I don't know". Departing director Richard Cordray, an Obama appointee long criticized by congressional Republicans as overzealous, had cited a different rule in saying the law was on his side. English has a clear entitlement to the position of acting director of the CFPB. The White House has argued that Trump has the authority to do so through the 1998 Federal Vacancies Act.
The CFPB is in the midst of a crisis of leadership, reflected in a lawsuit Sunday night by newly elevated deputy director Leandra English, who had previously served as chief of staff to former CFPB Director Richard Cordray.
As confusion reigned, English headed to Capitol Hill to meet with at least four lawmakers about her plans. Chuck Schumer, the Democratic leader from NY, and Sen.
Still, consumer advocates are anxious. There was no public trace of English, whose tenure as a low-profile public servant abruptly ended as she began to fight on behalf of the agency she helped found in 2011.
Mulvaney, who was tapped by President Trump to run the CFPB on a temporary basis, has a history of bashing the bureau and has called it a "sad, sick" joke. Massachusetts Senator Elizabeth Warren was CFPG's first director as the Obama administration garnered support for Cordray's appointment. Those actions have resulted in nearly 30 million consumers collecting almost $12 billion in refunds and canceled debts.
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The agency was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, commonly known as Dodd-Frank. However, regardless of whether Mulvaney serves as interim director, it is widely expected that Trump will pick a Republican to head the agency full-time, who will likely implement changes to the structure, practices and oversight of the bureau - to the chagrin of Democrats. "This is unfortunate but, in the atmosphere of the day, probably not unexpected", he said.
Still, the bureaucratic pingpong continued on Monday as the morning progressed.
"Please disregard any instructions you receive from Ms". Under the Dodd-Frank Act, the Deputy Director "shall. serve as acting Director in the absence or unavailability of the Director". "If you receive additional communications from her today in any form, related in any way to the function of her actual or presumed official duties (i.e. not personal), please inform the General Counsel immediately".
He also instructed staff to say hello and grab a doughnut.